The nursing profession is a high-risk job. You face intense pressure throughout your shift. A single mistake can have costly consequences.
Will professional liability insurance help you avoid these financial risks? A number of myths exist regarding this type of insurance. Do nurses need it? Does their employer’s malpractice coverage protect them? Here is what you need to know.
What Is Professional Liability Insurance?
This type of coverage provides protection to the covered party in several events. It pays for a defense attorney when a person files a claim against the covered party. It also pays for settlements or judgments awarded for a claim against the individual. In some cases, it also provides license defense. That is, if a person files a claim with the board of nursing, the policy helps cover an attorney to defend the individual in this case.
Do Nurses Need Coverage?
Many people believe an employer policy is enough protection. There is no doubt that employers in this area have protection. This includes almost all medical doctors, hospitals, and practices. Yet, whether it is enough to cover the nurse depends on the situation. Some policies offer very few restrictions. Others have many.
Nurses should ask employers about the amount of protection available to them. This means the nurse specifically. This information is necessary to get from the business’s malpractice insurance agent. There are also situations in which an employer can file a lawsuit against the nurse to get those funds back. This may happen if the employer deems the nurse acted willfully in a negligent manner. This might make it necessary for a nurse to have their own coverage.
On the other hand, hospitals typically carry a significant amount of coverage. Most often, they work alongside the nurse in claims. For this reason, individuals working in a hospital setting may not face the same risks. Your human resource officer can help you understand the risks you could face.
It is nearly always beneficial for nurses to take steps to protect themselves. This might mean obtaining a professional liability insurance plan on their own. Most policies are generally inexpensive. These policies can become more expensive if you have numerous claims, however. But, nurse malpractice incidents define the cost.
Your agent will consider information about your local area and recent claims there. This information can help determine how much coverage you need as well. The key here is to keep yourself protected.
Also Read: Nature of a Professional Liability Claims Made Policy